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2017 FINANCIAL CONDITION REPORT

Higher Education

In calendar year 2016,* New York State public and private higher education institutions had the following students in degree-credit enrollments:

866,993 full-time; and

371,971 part-time.

The State has a higher proportion of private colleges than most states, with 220 independent and proprietary colleges accounting for over 44 percent of statewide full-time equivalent (FTE) enrollment.

In the 2016-17 academic year, average costs of tuition and fees for full-time, in-state students for the State University of New York (SUNY) and the City University of New York (CUNY) were the following:

SUNY, $8,110 ($5,040 for two-year colleges); and

CUNY, $6,530 ($5,000 for two-year colleges).

In the 2015-16 academic year, nearly 355,000 students received State Tuition Assistance Program (TAP) awards, totaling $956 million.

In SFY 2016-17, the State spent $292 per resident on higher education, ranking 16th in the nation for higher education spending per capita.

According to the Federal Reserve, in 2016, student loan borrowers in the State had an average balance of $31,600, an increase of 20.6 percent from $26,200 in 2011. By comparison, national student loan borrowers had an average balance of $29,900 in 2016, up 25.1 percent from $23,900 in 2011.